PWC

Employees Credit Union

General Policy

Our policy is to make funds from your cash and check deposits available to you on the same business day that we receive your deposit. Electronic direct deposits will be available on the day we receive the deposit. Once funds are available, you can withdraw the funds in cash and we will use the funds to pay checks or electronic debits that you have written or authorized. For determining the availability of your deposits, every day is a business day except Saturdays, Sundays and federal holidays. If you make a deposit before 3:00 p.m. on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after our cutoff hour or on a day we are not open, we will consider that the deposit was made on the next business day we are open. U.S. Postal Money Orders, cashier’s, teller’s, certified checks, checks drawn on FRB or FHLB, state and local government checks, U.S. Treasury Checks , and traveler’s checks will never have a hold placed on them.

Reservation of Right to Hold

In some cases, we will not make all of the funds that you deposit by check available to you on the same business day that we receive your deposit. Depending on the type of check that you deposit, funds may not be available until the second business day after the day of your deposit. However, the first $225.00 of your deposit will be available on the day of your deposit. If we are not going to make all of the funds from your deposit available on the same business day, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees, or if we decide to take this action after you have left the premises, we will mail you the notice by the next business day after we receive your deposit. If you will need the funds from a deposit right away, you should ask us when the funds will be available.

Holds on Other Funds

If we cash a check for you that is drawn on another financial institution, we may withhold the availability of a corresponding amount of funds that are already on deposit in your account. Those funds will be available at the time funds from the check we cashed would have been available if you had deposited it. If we accept for deposit a check that is drawn on another financial institution, we may make funds from the deposit available for withdrawal immediately, but delay your availability to withdraw a corresponding amount of funds that you have on deposit in another account with us. The funds in the other account would then not be available for withdrawal until the time periods that are described below for the type of check that you deposited.

Longer Delays May Apply

We may delay your ability to withdraw funds deposited by check into your account an additional number of days because:

a. We believe a check you deposit will not be paid

b. You deposit checks totaling more than $5,525.00 on any one day

c. You deposit a check that has been returned unpaid

d. You have overdrawn your account repeatedly in the last six (6) months

e. There is an emergency, such as failure of communications or computer equipment

We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the eleventh business day after the day of your deposit.

Special Rules for New Accounts

New accounts under 30 days old can only cash county payroll checks, U.S. Postal Money Orders, cashier’s, teller’s, certified checks, checks drawn on FRB or FHLB, state and local government checks, U.S. Treasury Checks , and traveler’s checks. Local checks will typically have a seven (7) day hold and a maximum on a nine (9) day hold placed regardless of amount.

Remote Deposit Capture

If you deposit a check remotely through online banking, a hold is automatically placed on the check and only $225.00 is available until the hold is released. The check must be legible, endorsed with an actual signature, have the account number clearly written, and FOR MOBILE DEPOSIT ONLY must be clearly written or the Mobile/remote deposit box must be checked (if equipped). All other policies listed on this document apply.

Large Deposit (in excess of $5,525.00)

The first $225.00 will be made available immediately, $4,800.00 will be available after a two (2) day hold, the remainder will be available after seven (7) days..

Deposits at Nonproprietary ATMs

Funds from any deposits (cash or checks) made at automated teller machines (ATMs) we do not own or operate will not be available until the fifth business day after the date of your deposit. This rule does not apply at ATMs that we own or operate. All ATMs that we own or operate are identified as our machines.

Foreign Checks

Checks drawn on financial institutions located outside the U.S. (foreign checks) cannot be processed the same as checks drawn on U.S. financial institutions. Foreign checks are exempt from the policies outlined in this disclosure. Generally, the availability of funds for deposits of foreign checks will be delayed for the amount of time it takes us to collect the funds from the financial institutions upon which it is drawn.

Deposits and Availability
Type of Deposit When Funds Become Available for Withdrawal
Direct Deposit/Payroll Deduction The day the deposit is received
Cash, to include wire transfers, cashier’s check, certified check, teller check, Traveler’s check, or government check (Federal, state or local); and the first $225.00 of a day’s deposits of other type checks The day of deposit
Local Checks The second business day after the day of deposit
Non-Local Checks The second business day after the day of deposit

 

 

 

Upcoming Events

  1. Labor Day Holiday – Closed

    September 5 @ 8:00 am - September 7 @ 5:00 pm